Corporate News     08-Feb-16
Vascon Engineers sells 19.07% stake in Ascent Hotels
Subscribes to Optionally Convertible Redeemable Debentures aggregating Rs 30.42 crore
Vascon Engineers announced that the Company has sold 66,69,492 shares i.e. 19.07% of share capital of Ascent Hotels ('Ascent') to M/s. Samhi Hotels (SAMHI) for a total consideration of Rs. 26.67 crore by Share Purchase Agreement. SAMHI is a privately owned hotel asset company that specializes in development, acquisition and ownership of branded hotels.

Vascon has signed a Subscription cum shareholders Agreement with Ascent Hotels to subscribe to 67,26,394 Optionally Convertible Redeemable Debentures (OCRD) amounting to Rs. 30.42 crore with an option to convert into equity shares of equal numbers. The OCRD's shall be converted into 9618743 shares as and when Ascent Hotels achieves an EBITA of Rs. 70 crores.

This transaction does not fall under the preview of Related Party Transaction.

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